Hanmi Financial Corporation Announces Successful Closing of Offerings
July 27 2010 - 3:13PM
Hanmi Financial Corporation (Nasdaq:HAFC), the holding company for
Hanmi Bank, today reported that it has successfully completed its
rights and best efforts public offerings. Hanmi raised
approximately $47 million in the rights offering and $73 million in
the best efforts public offering, for an aggregate total raised in
the offerings of $120 million.
"We are extremely pleased with the successful closing
of the offerings, and we intend to use the proceeds to satisfy
the bank regulatory requirement of contributing at least $100
million of the net proceeds from the offerings to Hanmi Bank
by July 31," stated Jay S. Yoo, President and Chief Executive
Officer.
Cappello Capital Corp. acted as Hanmi's financial advisor in
connection with the rights offering and as its exclusive placement
agent in connection with the best efforts public
offering.
About Hanmi Financial Corporation
Headquartered in Los Angeles, Hanmi Bank, a wholly-owned
subsidiary of Hanmi Financial Corporation, provides services to the
multi-ethnic communities of California, with 27 full-service
offices in Los Angeles, Orange, San Bernardino, San Francisco,
Santa Clara and San Diego counties, and a loan production office in
Washington State. Hanmi Bank specializes in commercial, SBA and
trade finance lending, and is a recognized community leader. Hanmi
Bank's mission is to provide a full range of quality products and
premier services to its customers and to maximize shareholder
value. Additional information is available at www.hanmi.com.
Forward-Looking Statements
This press release contains forward-looking statements, which
are included in accordance with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential," or
"continue," or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance or achievements to differ from those
expressed or implied by the forward-looking statement. These
factors include the following: failure on or about July 26, 2010 to
close on any or all of the remaining amount available in the best
efforts public offering; inability to consummate the proposed
transaction (the "Transaction") with Woori Finance Holdings Co.
Ltd. ("Woori") on the terms contemplated in the Securities Purchase
Agreement entered into with Woori on May 25, 2010; failure to
receive regulatory or stockholder approval for the Transaction;
inability to continue as a going concern; inability to raise
additional capital on acceptable terms or at all; failure to
maintain adequate levels of capital and liquidity to support our
operations; the effect of regulatory orders we have entered into
and potential future supervisory action against us or Hanmi Bank;
general economic and business conditions internationally,
nationally and in those areas in which we operate; volatility and
deterioration in the credit and equity markets; changes in consumer
spending, borrowing and savings habits; availability of capital
from private and government sources; demographic changes;
competition for loans and deposits and failure to attract or retain
loans and deposits; fluctuations in interest rates and a decline in
the level of our interest rate spread; risks of natural disasters
related to our real estate portfolio; risks associated with Small
Business Administration loans; failure to attract or retain key
employees; changes in governmental regulation, including, but not
limited to, any increase in FDIC insurance premiums; ability to
receive regulatory approval for Hanmi Bank to declare dividends to
the Company; adequacy of our allowance for loan losses, credit
quality and the effect of credit quality on our provision for
credit losses and allowance for loan losses; changes in the
financial performance and/or condition of our borrowers and the
ability of our borrowers to perform under the terms of their loans
and other terms of credit agreements; our ability to successfully
integrate acquisitions we may make; our ability to control
expenses; and changes in securities markets. In addition, we set
forth certain risks in our reports filed with the U.S. Securities
and Exchange Commission ("SEC"), including attached as an Exhibit
to a Current Report on Form 8-K filed with the SEC on June 18,
2010, and current and periodic reports filed with the U.S.
Securities and Exchange Commission hereafter, which could cause
actual results to differ from those projected. We undertake no
obligation to update such forward-looking statements except as
required by law.
CONTACT: Hanmi Financial Corporation
Brian E. Cho, Chief Financial Officer
(213) 368-3200
David Yang, Investor Relations and Corporate Planning
(213) 637-4798
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